I personally think the key to Neptune is an econonic revovery. I...

I personally think the key to Neptune is an econonic revovery. I think it is highly leveraged to this. I don't think the acquisitions were that bad. Multiples of 4 to 5x EBIT were paid- which is a good return and the company was well positioned.

The problem is that a 4 to 5x EBIT acquisition multiple becomes expensive if the acquisition hasn't delivered the EBIT Neptune thought it would. This is exacerbated when there's a deferred consideration component payable in shares, when the share price is low. Causes the transaction to become dilutive. Instead of deferred consideration, Neptune should rather have used an earnout, where future consideration is payable based on specific performance targets being met- I actually thought they were doing this, but maybe not in all transactions.

I think Christian was probably a dictator, but I think he being offered as a sacrificial lamb to placate shareholders. Ultimately, I think the downturn in the economy has been Neptune's undoing.